BTCE.DE vs. CBTO
BTCE.DE (ETC Group Physical Bitcoin) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BTCE.DE is a Cryptocurrency fund actively managed by ETC Issuance, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. BTCE.DE charges 2.00%/yr vs 0.69%/yr for CBTO.
Performance
BTCE.DE vs. CBTO - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while CBTO is traded in USD. To make them comparable, the CBTO values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, BTCE.DE achieves a -29.15% return, which is significantly lower than CBTO's -5.40% return.
BTCE.DE
- 1D
- 0.00%
- 1M
- -18.80%
- YTD
- -29.15%
- 6M
- -28.92%
- 1Y
- -43.04%
- 3Y*
- 21.68%
- 5Y*
- 11.91%
- 10Y*
- —
CBTO
- 1D
- -0.07%
- 1M
- 0.89%
- YTD
- -5.40%
- 6M
- -5.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTCE.DE vs. CBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCE.DE ETC Group Physical Bitcoin | -29.15% | -30.49% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -5.40% | -14.50% |
Correlation
The correlation between BTCE.DE and CBTO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.60 |
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Return for Risk
BTCE.DE vs. CBTO — Risk / Return Rank
BTCE.DE
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTCE.DE vs. CBTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BTCE.DE | CBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | — | — |
| Martin ratioReturn relative to average drawdown | -1.40 | — | — |
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Drawdowns
BTCE.DE vs. CBTO - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than CBTO's maximum drawdown of -21.39%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and CBTO.
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Drawdown Indicators
| BTCE.DE | CBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -21.39% | -53.23% |
Max Drawdown (1Y)Largest decline over 1 year | -51.59% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -51.59% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | — | — |
Current DrawdownCurrent decline from peak | -50.75% | -19.45% | -31.30% |
Average DrawdownAverage peak-to-trough decline | -30.54% | -15.58% | -14.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.80% | — | — |
Volatility
BTCE.DE vs. CBTO - Volatility Comparison
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Volatility by Period
| BTCE.DE | CBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.83% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 29.99% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 40.86% | 13.34% | +27.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.62% | 13.34% | +38.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.92% | 13.34% | +44.58% |
BTCE.DE vs. CBTO - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than CBTO's 0.69% expense ratio.
Dividends
BTCE.DE vs. CBTO - Dividend Comparison
BTCE.DE has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.
| Position | TTM | 2025 |
|---|---|---|
BTCE.DE ETC Group Physical Bitcoin | 0.00% | 0.00% |
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% |
Frequently Asked Questions
BTCE.DE and CBTO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBTO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBTO is cheaper with a 0.69% expense ratio, compared with 2.00% for BTCE.DE.
BTCE.DE is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: ETC Issuance and Calamos. Their fees differ too: 2.00% for BTCE.DE and 0.69% for CBTO.
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